Refusing cooperation with BP meets neither economic nor other interests of Azerbaijan

Refusing cooperation with BP meets neither economic nor other interests of Azerbaijan

“BP is the largest investor in Azerbaijan. It took an active part in the implementation of various development projects in the country. The largest share of the UK’s foreign investment in Azerbaijan is belong to BP”-said expert economist Vuqar Bayramov in answer to FaktXeber.com’s question:“Could BP refuse to continue working in Azerbaijan?” Mr. Bayramov noted, however, that the President’s speech is unlikely to cause BP to leave the country: “I don’t forecast that BP will leave Azerbaijan. This cooperation is profitable for both sides.”.”

According to Vuqar Bayramov: “Excluding the company from the country is in line with neither economical nor any other interests.”

“Taking into account that 51 million tons of oil was produced in 2010, it decreased to 46 million tons in 2011. It is expected to produce 44 million tons of oil in 2012. In this regard, the oil production has been declining since 2010.From the experience of oil producing countries; it can be observed that sudden oil production decline can seriously affect country’s economy.”  “High oil prices in the world market have assured Azerbaijan from these influences,”-said expert.

Mr. Bayramov also noted that refusing cooperation with BP or driving the company out of the country meets neither economic nor other interests of Azerbaijan:“The President’s criticism shouldn’t be considered as expelling the company from the country.”

 

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